Billionaire Democrat, Tom Steyer to oust Trump, Republicans

Steyer's first expenditure will be sending copies of Michael Wolff's Fire and Fury book to each member of Congress, he said. Forbes estimates his wealth at $1.6 billion.

Steyer, who has repeatedly flirted with running for office in 2018, had recently said he was weighing a challenge against Sen.

"This tide will wash away the stain of the Trump administration, and it will not recede until America lives up to its founding creed, until we guarantee equal treatment, dignity and respect to every American", Steyer said.

The former hedge fund manager, who made the announcement Monday, will not run for office in California this year. "We now know that the Republican Party will not cross a president who controls their base no matter what he says or does".

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He said he plans to spend the money through his advocacy group NextGen America.

Steyer announced the plan at a news conference in Washington D.C., adding that he would not be a candidate for political office in 2018. Democrats are hoping to ride wins a year ago in Alabama and Virginia to victory in those elections, potentially taking control of Congress from Republicans. He credited the effort for helping Ralph Northam win election as governor, and he said the effort will expand to 10 states this year, including California, Arizona, Michigan and Nevada. It said it aims to "register more than 250,000 young voters". Since launching a series of television ads last October calling for Trump's impeachment, roughly 4 million people have signed an online petition calling for the president's ouster. He said it would depend upon political events, but was confident of a greater investment.

Steyer has since the election spent $20 million on a campaign to impeach Trump which has been criticized by Democratic leaders as premature and a "distraction". "If Democrats' message for 2018 is a baseless impeachment threat that the majority of voters disagree with, they're going to lose".